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The Yakiyan Central Bank
History & Creation The UPC/Yakiyan Government nationalised a large portion of the revenue creating industries and enterprises on Yakiyah. These nationalised concerns will be churning out products that the Yakiyan people will sell to the rest of the sector, predominantly food. These new publicly owned businesses, as well as any privately owned enterprises that are allowed to operate on Yakiyah, will need to have some form of financial management system in place, enter The Yakiyan Central Bank (The YCB). In the months leading up to and immediately after The Yakiyan Mandate withdrawing from the Sector Trade Organisation, there have been rumors that the YCB has ties to various nationalist and isolationist groups on Tiber. The validity of those rumors seems to have been confirmed recently by the approval of Provisional Diplomatic Status to a group from Tiber who have been quartered in Tanez’ 16th District and seen coming and going from YCB HQ daily, purportedly this group includes several Nobles in good standing from House Eridanus. Areas Of Operation The YCB is responsible for the collection and administration of all taxes collected from exports and imports of goods and services. This includes the formation and management of any customs enforcement the Yakiyan Government may wish to implement. The YCB, when needed, also acts as the accounting department for these nationalised business, working with the local owners/ co-ops to ensure that they are able to accurately and effectively track their financials. The YCB is also able to provide savings and current accounts to the citizens of Yakiyah, allowing them a safe place to store their credits that mitigates the risk of theft associated with the use of credit sticks. The issue of credits in credit stick form (i.e. transfering credits from The YCB servers to a credit stick) will be one of the main functions of local YCB branches (TL4 Space ATM, but manned by actual people). Each Prefecture has a central administrative office of The YCB which control YCB activities in that area, being able to draw on the central accounts of The YCB as needed, these are largely independent but defer to planetary financial policy and are expected to work towards the common good of the entire planetary population. Large projects that require a more centralised financial control, say the manufacture or purchase of large spaceships are financially administered either by a group of Prefecture YCB branches or if that is unfeasible by YCB head office in Tanez, sector 16. One of the main functions of The YCB is to offer grants of credits from the government to citizens or groups. For example, a communally owned farm has their tractor break down, they do not have savings to go a get a new one, so they go to The YCB, who purchases the tractor on their behalf. No repayment of these credits is expected, it is a grant from The YCB with the understanding that the contributions this collective makes to Yakiyah are worth investing in. Universal Basic Income The YCB recognises that not all activities provide a financial income to those who undertake them but are nonetheless of value to society. Artists, musicians, inventors and wandering storytellers are just some of the types of people that The YCB will provide enough credits to both live and to explore their craft, interests or goals. With immediate effect upon the implementation of the necessary legislation all citizens are eligible for the basic rate of 7 credits per day and are encouraged to apply for grants to cover any additional expenses they may incur during their exploration of what it means to be alive. It is the aim of the Yakiyan Mandate and Yakiyan Central Bank to increase the daily eligibility from the base rate of 7c to 10c within the first 5 years of operation. With another increase of 5c to 15c per day within the following 10 years. Eligibility Of Children From birth, or arrival in YMCA controlled space, all children will be eligible for the same rate as adults. This can be paid to their legal guardian or if the child is deemed by The YCB to be responsible enough directly to them. If the child is in the care of the state then 75% of this UBI payment will be made available to the institution the child is resident at with the other 25% being held in trust by the YCB for the use of the child, either during their years in care or as a lump sum payment to them on reaching maturity. A child need not have been born to, or currently be a Yakiyan citizen, to receive this income, only be registered with the Yakiyan Mandate/ YCB as eligible. Outside Mandate Controlled Space The Mandate will try to ensure the payment of UBI to all cizitens of Yakiyah wherever in the sector they might be, either through the use of cooperation deals with other financial institutions or through the use of YCB Bursar teams on board ships and stations. If in the event the payment of UBI will be unavailable for an extended period of time, for instance on a Mandate ship with no YCB Bursar team, the recipient may have their UBI stored in YCB accounts at their designated commune branch for collection on their return to Mandate controlled space. Yakian Commodity Index In conjunction with the Ministry of Finance, Trade and Economic Cooperation (MINECO) the Yakiyian Central Bank collects and publishes the Yakian Commodity Index (YCI). This is the central and official price list for commodities for internal Yakiyan markets. Exports and Imports will also use the YCI as a base for their prices with various tariffs and taxes applied as per Yakiyan Mandate financial and trade policies. Whilst the inner workings of and processes of how YCI prices are set is kept confidential to avoid potential manipulation by external markets there are rumors that it is heavily influenced by several powerful factions within the Mandate. Category:Yakiyah Category:Unified People's Collective Category:Yakiyahn Mandate